Paul Hastings LLP represented BBVA, as Administrative Agent, BBVA Bancomer, as Global Coordinator and Green Agent and the lenders in connection with a $400 million Senior Unsecured Green Term Loan Agreement entered into by Iberdrola México, S.A. de C.V., a subsidiary of the Spanish energy group.
The loan is the first green corporate loan in Latin America. The proceeds will be used by Iberdrola to finance wind farms and other socially responsible projects in Mexico.
Green loans are governed by the same criteria as green bonds. The green certificate is obtained through an environmental consultant and it is granted to the debt instrument to obtain funding for specific environmental initiatives, such as investments in renewable energy, energy efficiency or sustainability projects. Vigeo Eiris granted the relevant certification in compliance with the Green Loan Principles.
Latin America practice partners Mike Fitzgerald (Picture) and Steven Sandretto led the Paul Hastings team, which also included foreign associate Marcos Souza.
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